Supreme Court Says No, Puerto Rico Can't Fix A Big Hole In Bankruptcy Law

WASHINGTON -- The Supreme Court ruled Monday that Puerto Rico does not have the authority to enact its own bankruptcy laws, a decision that adds greater urgency to passing congressional legislation aimed at helping the island restructure its $70 billion debt.

In a 5-2 ruling, the court struck down a 2014 Puerto Rico law that would have allowed the island's public entities -- including utility companies -- to declare bankruptcy and seek court-supervised debt restructuring from their creditors.